Signet Jewelers’ First Quarter Results Exceed Expectations

HAMILTON, Bermuda, June 10, 2021 /PRNewswire/ — Signet Jewelers Limited (“Signet”) (NYSE: SIG), the world’s largest retailer of diamond jewelry, today announced its results for the 13 weeks ended May 1, 2021 (“first quarter Fiscal 2022”).

“Our strong first quarter results demonstrate the momentum we are building as we continue Signet’s transformation,” said Virginia C. Drosos, Chief Executive Officer. “Thank you to all our team members for their relentless dedication to our customers and each other, and for embracing new capabilities with excellence as we drive innovation and sustainable long-term growth.”

“We delivered strong performance across our portfolio. While the jewelry category is experiencing meaningful growth, we are outpacing market growth and gaining share consistent with our Inspiring Brilliance strategy. Specifically, we are winning in our biggest banners through consumer-inspired differentiation, as evidenced by double-digit revenue growth in both Kay and Zales versus this time two years ago. We are successfully beginning to stretch the top and bottom boundaries of the mid-market as Jared continues to grow at higher price points and in custom design, and Piercing Pagoda delivered its best quarter ever accessing more value inspired self-purchasing shoppers.  Further, our Connected Commerce strategy is resonating, delivering higher conversion rates and growth both online and in-stores. And finally, we are building a more innovative and agile culture with investments in talent, digital capabilities, newness in product assortment, and modern content and marketing channels that give us distinct competitive advantages. As I look ahead, I’m confident in our people and our strategy and believe 2021 will be another transformative year for Signet.”

Joan Hilson, Chief Financial and Strategy Officer, added, “We are entering this next phase of Signet’s transformation from a position of financial strength. We are continuing to increase liquidity with ongoing cash, cost and inventory discipline, enabling accelerated investment in innovation and growth. Even as we expect some current tailwinds from stimulus and slower than anticipated return to travel and experience spending to subside in the back-half of 2021, we are confident in our ability to deliver strong shareholder return and generate cash.  As such, our Board has approved reinstatement of a common dividend in the second quarter.”

First Quarter Fiscal 2022:

  • Total sales were $1.7 billion, an increase of over $250 million to Q1 of FY20 and more than $835 million to Q1 of FY21.
  • Q1 same store sales (“SSS”) up 106.5% (1) to Q1 of FY21 and up 27.2% to Q1 of FY20.
  • GAAP diluted earnings per share (“EPS”) of $2.23, up from a loss per share of ($3.96) in Q1 of FY21 and ($0.35) in Q1 of FY20.
  • Non-GAAP diluted EPS of $2.23 (2), an increase from a loss per share of ($1.59) in Q1 of FY21…

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